Is $80K a Good Salary for a Single Person?
Whether you’re mulling a job offer or thinking about a new career, you may be wondering whether $80,000 is a good salary for a single person in 2024. It certainly can be. An $80,000 salary is higher than what the typical American worker makes. According to the Social Security Administration, the average salary nationwide is $63,795.
If you have no dependents, that income is likely enough to cover your basic needs with some discretionary money left over. However, several factors, including where you live and your spending habits, can all impact how far your pay will go.
Is $80K a Good Salary?
While it’s not a six-figure salary, an annual salary of $80,000 is generally considered a respectable wage, especially for a single person. Of course, your local cost of living plays an important role in whether a salary is “good” for you or not. You might feel financially comfortable living in one area — and like you’re just getting by in another.
It can be helpful to take a look at your expenses to understand where your money is going and if your income can keep up. A money tracker provides you with a bird-eye view of your spending so you can see where you might need to make adjustments.
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Median Income in the US by State in 2024
An annual salary of $80K may be higher than the average salary in the U.S., but how does it stack up next to wages in different states? Here’s a look at what a typical household in each state earns, per U.S. Census Bureau data.
| State | Median Household Income |
|---|---|
| Alabama | $59,609 |
| Alaska | $86,370 |
| Arizona | $72,581 |
| Arkansas | $56,335 |
| California | $91,905 |
| Colorado | $87,598 |
| Connecticut | $90,213 |
| Delaware | $79,325 |
| Florida | $67,917 |
| Georgia | $71,355 |
| Hawaii | $94,814 |
| Idaho | $70,214 |
| Illinois | $78,433 |
| Indiana | $67,173 |
| Iowa | $70,571 |
| Kansas | $69,747 |
| Kentucky | $60,183 |
| Louisiana | $57,852 |
| Maine | $68,251 |
| Maryland | $98,461 |
| Massachusetts | $96,505 |
| Michigan | $68,505 |
| Minnesota | $84,313 |
| Mississippi | $52,985 |
| Missouri | $65,920 |
| Montana | $66,341 |
| Nebraska | $71,772 |
| Nevada | $71,646 |
| New Hampshire | $90,845 |
| New Jersey | $97,126 |
| New Mexico | $58,722 |
| New York | $81,386 |
| North Carolina | $66,186 |
| North Dakota | $73,959 |
| Ohio | $66,990 |
| Oklahoma | $61,364 |
| Oregon | $76,362 |
| Pennsylvania | $73,170 |
| Rhode Island | $81,370 |
| South Carolina | $63,623 |
| South Dakota | $69,457 |
| Tennessee | $64,035 |
| Texas | $73,035 |
| Utah | $86,833 |
| Vermont | $74,014 |
| Virginia | $87,249 |
| Washington | $90,325 |
| West Virginia | $55,217 |
| Wisconsin | $72,458 |
| Wyoming | $72,495 |
Average Cost of Living in the US by State in 2024
From grocery store bills to gas prices to mortgage payments, your cost of living is tied, in part, to where you reside. As you think about whether an $80K salary is good, it can be helpful to understand where prices for necessities like housing, food, transportation, and childcare may be higher.
With that in mind, here is the average cost of living in each state, according to U.S. Bureau of Economic Analysis data.
| State | Personal Consumption Expenditure |
|---|---|
| Alabama | $42,391 |
| Alaska | $59,179 |
| Arizona | $50,123/td> |
| Arkansas | $42,245 |
| California | $60,272 |
| Colorado | $59,371 |
| Connecticut | $60,413 |
| Delaware | $54,532 |
| Florida | $55,516 |
| Georgia | $47,406 |
| Hawaii | $54,655 |
| Idaho | $43,508 |
| Illinois | $54,341 |
| Indiana | $46,579 |
| Iowa | $45,455 |
| Kansas | $46,069 |
| Kentucky | $44,193 |
| Louisiana | $45,178 |
| Maine | $55,789 |
| Maryland | $52,651 |
| Massachusetts | $64,214 |
| Michigan | $49,482 |
| Minnesota | $52,849 |
| Mississippi | $39,678 |
| Missouri | $48,613 |
| Montana | $51,913 |
| Nebraska | $37,519 |
| Nevada | $49,522 |
| New Hampshire | $60,828 |
| New Jersey | $60,082 |
| New Mexico | $43,336 |
| New York | $58,571 |
| North Carolina | $47,834 |
| North Dakota | $52,631 |
| Ohio | $47,768 |
| Oklahoma | $42,046 |
| Oregon | $52,159 |
| Pennsylvania | $53,703 |
| Rhode Island | $52,820 |
| South Carolina | $46,220 |
| South Dakota | $48,997 |
| Tennessee | $46,280 |
| Texas | $49,082 |
| Utah | $48,189 |
| Vermont | $55,743 |
| Virginia | $52,057 |
| Washington | $56,567 |
| West Virginia | $44,460 |
| Wisconsin | $49,284 |
| Wyoming | $52,403 |
How to Live on $80K a Year
Even though $80,000 is a good salary for a single person, it’s still a good idea to create a budget. There are all sorts of budgeting methods out there, and it may take some trial and error before you find the approach that works the best for you. Whatever method you choose, be sure it fits your basic needs and leaves you with some funds left over to pay down debt, save, and enjoy.
How to Budget for an $80K Salary
One popular approach to budgeting calls for organizing expenses into different categories, then designating an amount or percentage you can spend per month in each category.
An example of this is the 50/30/20 budget rule, where you reserve 50% of your salary for “needs,” 30% for “wants,” and 20% for saving.
Another, similar option is the 40-30-20-10 budget. Here, expenses are broken down as follow:
• Housing, groceries, utilities, gas: 40%
• Discretionary spending: 30%
• Savings, retirement, and investments: 20%
• Additional debt payments or savings goals: 10%
If you need help getting started with your budget, consider enlisting the help of a budget planner app.
Maximizing an $80K Salary
To make the most of your salary, try to strike a balance between working toward short- and long-term financial goals. For instance, if your employer offers a 401(k), consider signing up for it. And check your budget to see if you can contribute the maximum amount each month.
Another way to make the most of your income? Build an emergency fund. A good rule of thumb is to save enough to cover three to six months’ worth of expenses.
Quality of Life with an $80K Salary
The quality of life you can have on an $80K salary can be greatly impacted by where you live. If you’re in an area with a low cost of living, you may be able to afford a comfortable lifestyle with that level of income. But that may not necessarily be the case if you live in a pricey part of the country, such as in a major coastal city.
Is $80,000 a Year Considered Rich?
While there’s no single definition of rich, $80,000 would likely not qualify. On the other hand, it’s significantly more than what the typical U.S. worker makes, and would be a very good entry-level salary for many professionals who are just starting out.
Another way to think about wealth is by looking at net worth. To calculate your net worth, simply subtract your outstanding debts from the value of your combined assets. A positive net worth is one where your assets are worth more than your liabilities. Conversely, a negative net worth is when your liabilities are more than your assets.
Recommended: Net Worth Calculator by Age
Is $80K a Year Considered Middle Class?
Short answer: Yes. Based on guidance from the Pew Research Center, a middle-class household has an income between $47,189 and $141,568. An $80,000 salary is within that range.
Example Jobs that Make About $80,000 a Year
The highest-paying jobs in your state probably pay more than $80,000 a year, but that said, there are plenty of good, stable roles out there where you can command that level of pay. Here are some to consider, based on data from Indeed.com:
• Real Estate Agent
• Occupational Therapist
• Physical Therapist
• IT Manager
• Mechanical Engineer
Of course, salary is just one consideration. You’ll also want to find a job that you’re passionate about and that fits your personality. If you’re reserved, for instance, you might think about looking for jobs for introverts.
The Takeaway
An annual salary of $80,000 is considered good for a single person and is higher than the average pay in the United States. But just how far that money will go for you depends on your financial obligations, where you live, and other factors. In some areas, getting by on $80K a year might be tight, while in others, you may have enough breathing room to start working on your savings goals.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
Can I live comfortably making $80K a year?
You can live comfortably on $80,000 per year, but keep in mind your local cost of living has a big impact on just how far your money will go.
What can I afford with an $80K salary?
With an $80,000 salary, a single person with no dependents or major financial obligations can likely afford the necessities with money left over for entertainment and savings. Ideally, you should spend no more than a third of of your income on housing (usually the biggest line item in a budget). That means if you earn $80,000 a year, you could spend roughly $26,000 per year on housing.
How much is $80K a year hourly?
An annual salary of $80,000 works out to around $43 per hour.
How much is $80K a year monthly?
A worker who earns $80,000 a year can expect to make $7,300 a month before taxes.
How much is $80K a year daily?
An annual salary of $80k equals approximately $340 a day.
Photo credit: iStock/LumiNola
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